WASHINGTON (AP) — President Donald Trump said Friday that the leaders of Russia and Ukraine have agreed to his request for a three-day ceasefire and an exchange of prisoners, adding that such a halt to hostilities could be the “beginning of the end” of the long war between them.
Ukrainian President Volodymyr Zelenskyy and Kremlin foreign affairs adviser Yuri Ushakov both confirmed the agreement.
Trump announced on social media that the ceasefire would run Saturday through Monday. Saturday is Victory Day in Russia, a holiday that commemorates victory over Nazi Germany in World War II.
“I am pleased to announce that there will be a THREE DAY CEASEFIRE (May 9th, 10th, and 11th) in the War between Russia and Ukraine,” Trump wrote. “The Celebration in Russia is for Victory Day but, likewise, in Ukraine, because they were also a big part and factor of World War II.”
The Republican president said the ceasefire includes a suspension of all kinetic activity and the exchange of 1,000 prisoners by each country.
Russia had announced a ceasefire for Friday and Saturday, but it quickly unraveled, with both sides blaming the other for the continued fighting, just as they had when Ukraine’s own unilateral ceasefire had swiftly collapsed earlier in the week.
Trump said he made his request for the ceasefire “directly” to the two presidents. “Hopefully, it is the beginning of the end of a very long, deadly, and hard fought War," he said.
Trump added that talks continue over ending the war that began in February 2022 “and we are getting closer and closer every day.” Trump has gone back and forth over whether the war will end, at times expressing optimism and at other times saying Russia and Ukraine should be left to fight it out to the bitter end.
Zelenskyy said Ukraine’s decision on how to engage with those discussions was shaped in part by the prospect of freeing its prisoners. Ukraine has made the return of prisoners of war a central demand throughout the conflict.
“Red Square matters less to us than the lives of Ukrainian prisoners of war who can be brought home,” Zelenskyy wrote on Telegram. Red Square is where Russia holds its traditional military parade to celebrate Victory Day, one of the biggest holidays of the year.
After releasing his statement, Zelenskyy issued a formal presidential decree “authorizing” Russia to hold the parade, declaring Red Square off-limits for Ukrainian strikes for the duration of the event. The framing of the decree appeared designed to underscore Kyiv’s claim that it holds effective targeting reach over the Russian capital, while publicly tying Ukrainian restraint to the ceasefire terms.
Kremlin spokesman Dmitry Peskov later shrugged off Zelenskyy’s decree as a “silly joke.”
“We don’t need anyone’s permission to be proud of our Victory Day,” Peskov told reporters.
Zelenskyy said the deal for a ceasefire was reached through a U.S.-mediated process and thanked Trump and the American team for what he called effective diplomatic engagement. He said Ukraine expected Washington to hold Russia to the terms of the agreement.
“We are counting on the United States to ensure that Russia fulfills its commitments,” Zelenskyy said.
Zelenskyy said he had instructed his team to prepare everything necessary for the exchange without delay.
Trump's announcement came hours after Secretary of State Marco Rubio struck a much more somber tone about negotiations to halt Russia’s 4-year-old war in Ukraine, saying U.S. mediation efforts have not led to a “fruitful outcome” so far.
“While we’re prepared to play whatever role we can to bring it to a peaceful diplomatic resolution, unfortunately right now, those efforts have stagnated,” Rubio told reporters at the end of a visit to Rome and the Vatican. “But we always stand ready if those circumstances change.”
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Associated Press writers Hanna Arhirova in Kyiv and Giada Zampano in Rome contributed to this report.
FILE - Russian S-400 anti-aircraft missile system launchers roll during the Victory Day military parade in Moscow, Russia, on May 9, 2025, during celebrations of the 80th anniversary of the Soviet Union's victory over Nazi Germany during the World War II. (AP Photo/Alexander Zemlianichenko, File)
Special service vehicles are parked near Red Square decorated for the celebrations of the 81st anniversary of the Soviet Union's victory over Nazi Germany at World War II during the Victory Day military parade rehearsal in Moscow, Russia, Thursday, May 7, 2026, backdropped by the Spasskaya Tower, left, and the St. Basil's Cathedral, right. (AP Photo/Alexander Zemlianichenko)
President Donald Trump walks through the Colonnade of the White House as he arrives to attend a luncheon for mothers Friday, May 8, 2026, in the Rose Garden of the White House, in Washington. (AP Photo/Jacquelyn Martin)
NEW YORK (AP) — The U.S. stock market rose to records Friday following the latest sign that the nation’s job market is doing better than economists expected.
The S&P 500 climbed 0.8% to an all-time high after a report said U.S. employers added 115,000 more jobs than they cut last month, even though the war with Iran is raising fuel costs and uncertainty for everyone. The Dow Jones Industrial Average edged up by 12 points, or less than 0.1%, and the Nasdaq composite rallied 1.7% to its own record.
While hiring slowed from March’s level, it was still nearly double what economists expected. And it helped the S&P 500 close out a sixth straight winning week, its longest such streak since 2024. The U.S. stock market has been blasting higher since late March, in part on hopes that the war will not mean a worst-case scenario for the global economy and that the Strait of Hormuz will reopen to allow oil tankers to deliver crude from the Persian Gulf again.
It’s still to be determined if those hopes are warranted or just wishful. U.S. forces fired on and disabled two Iranian oil tankers on Friday after exchanging fire with Iranian forces in the Strait of Hormuz overnight. It’s the latest flare-up in fighting to raise doubts about the tenuous month-old ceasefire that the United States has insisted is still in effect.
The price for a barrel of Brent crude oil rose 1.2% to settle at $101.29 following the latest volleys of fire. That’s below its heights above $119 during the war, but it’s still much more expensive than its roughly $70 level from late February before the fighting began.
One big factor helping to support the U.S. stock market despite the war’s uncertainties is the strong profits that companies have been reporting for the start of 2026.
Monster Beverage jumped 13.6% after the energy drink maker joined the parade of companies topping analysts’ expectations for profit and revenue for the latest quarter. It benefited from strong growth outside the United States, and total net sales from there made up about 45% of its total, the highest percentage ever for the company.
Akamai Technologies leaped even more, 26.6%, after its results squeaked past expectations. It announced a $1.8 billion deal to provide cloud infrastructure services to an unnamed client over seven years. The cybersecurity and cloud computing company is benefiting from the surge in investment in artificial-intelligence technology.
Voracious demand for AI helped CoreWeave report revenue for the latest quarter that was more than double what it was a year earlier, but its net loss was worse than analysts expected. It also gave a forecasted range for revenue in the current quarter whose midpoint fell below analysts’ expectations. The stock of the company, which offers AI computing power to customers over the cloud, fell 11.4%.
All told, the S&P 500 rose 61.82 points to 7,398.93. The Dow Jones Industrial Average added 12.19 to 49,609.16, and the Nasdaq composite climbed 440.88 to 26,247.08.
In stock markets abroad, indexes fell across much of Europe and Asia. Germany’s DAX lost 1.3%, and Hong Kong’s Hang Seng dropped 0.9% for two of the bigger losses.
South Korea’s Kospi was an exception, and it inched up 0.1% to another all-time high.
In the bond market, Treasury yields eased and remained lower after a preliminary report suggested sentiment among U.S. consumers is stuck near its lowest level since 2022. Consumers told the survey from the University of Michigan they’re concerned about both high gasoline prices and tariffs, though their expectations for inflation in the coming year softened by a bit.
The yield on the 10-year Treasury fell to 4.36% from 4.41% late Thursday and from 4.45% early this week.
Lower yields can bring down rates for mortgages and other kinds of loans going to U.S. households and businesses, which in turn can give the economy a boost. Lower yields also tend to push upward on prices for stocks and other kinds of investments.
The 10-year Treasury yield, though, remains well above its 3.97% level from just before the war.
AP Business Writers Chan Ho-him and Matt Ott contributed to this report.
Options trader Justin Kanda works on the floor of the New York Stock Exchange, Thursday, May 7, 2026. (AP Photo/Richard Drew)
A dealer walks past near the screen showing the Korea Composite Stock Price Index (KOSPI) and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)
The screens showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won are displayed at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)
A dealer walks past near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)
A dealer walks past near the screens showing the Korea Composite Stock Price Index (KOSPI), the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 8, 2026. (AP Photo/Lee Jin-man)
